Anora Group Oyj · OMXHEX:ANORA
Anora Group Oyj — Investor Day (November 2025)
94 slides from Anora Group Oyj's investor day presentation, Nov 5, 2025
Slide 1: Capital Markets Day
Capital Markets Day 5 November 2025
Slide 2: Forward looking statements
Forward looking statements Certain information herein other than historical facts contain “forward looking statements”. These forward looking statements relate to future events or future financial performance, including, but not limited to, strategic plans, potential growth, financial performance an
Slide 3: Agenda for the day
Agenda for the day Capital Markets Day 2025 12.00–12.35 p.m. Fit, Fix, Focus: Clear actions for profitability and growth Kirsi Puntila, CEO 12.35–1.05 p.m Our business focus areas Hannu Vähämurto, SVP, Industrial Imre Avalo, SVP, Spirits Janne Halttunen, SVP, Wine 1.05 – 1.20 p.m. Q&A 1.20–1.35 p.m.
Slide 4: Meet Anora's Executive Management Team
Meet Anora’s Executive Management Team Capital Markets Day 2025 Kirsi Puntila Stein Eriksen Hannu Vähämurto Janne Halttunen CEO CFO SVP, Industrial SVP, Wine Imre Avalo Mikkel Pilemand Johanna Sundén Thomas Heinonen SVP, Spirits CGTO Chief People and Communications General Counsel Officer (CPCO) 4
Slide 5: Fit, Fix, Focus: Clear actions for profitability and growth
Capital Markets Day 2025 Fit, Fix, Focus: Clear actions for The CEO's key messages today 1profitability and growth 2 3 WeKirsi have a strong Puntila, CEO We have a clear foundation to direction to build future build on growth 5
Slide 6: The CEO's key messages today
Capital Markets Day 2025 The CEO's key messages today 1 Adapting to changes by building on our strengths 2 1 ImprovingThe CEO's key messages performance 2 today growth and generating with our new Fit, Fix, Focus strategy 3 3 We have Creating a strong strong shareholder value foundation to build on W
Slide 7: Our updated financial targets until the end of 2028
Capital Markets Day 2025 Our updated financial targets until the end of 2028 Financial targets for 2028 6–7% p.a. Comparable EBITDA growth (85-90 M€ by the end of 2028) Organic growth > Organic revenue growth market growth Net debt / comparable EBITDA (LTM) <2.5x Debt levels may occasionally exceed
Slide 8: The CEO's key messages today
Capital Markets Day 2025 The CEO's key messages today 1 Adapting to changes by building on our strengths 2 1 ImprovingThe CEO's key messages performance 2 today growth and generating with our new Fit, Fix, Focus strategy 3 3 We have Creating a strong strong shareholder value foundation to build on W
Slide 9: Beating the headwinds – and adapting to change
Beating the headwinds – and adapting to change Capital Markets Day 2025 Group Comparable EBITDA, EURm Market volume decline EXTERNAL expected to continue • Consumer behaviors are changing 98.3 101.0 • Demand patterns are changing Nordic wine market volume 2025–2028 • Monopoly channels challenged • F
Slide 10: Anora has many strengths to build on
Anora has many strengths to build on Capital Markets Day 2025 Wide distribution and channel access in Consumer the Nordics Experienced centric product and Baltics and empowered launches and professionals innovation Industry’s Leading portfolio best-in-class of own and manufacturing partner brands fo
Slide 11: Anora has many strengths to build on
Anora has many strengths to build on Capital Markets Day 2025 Wide distribution and channel access in Consumer the Nordics Experienced centric product and Baltics and empowered launches and professionals innovation Industry’s Leading portfolio best-in-class of own and manufacturing partner brands fo
Slide 12: Our leading portfolio of own and partner brands
Our leading portfolio of own and partner brands Capital Markets Day 2025 caters to all drinking occasions and consumer groups Own brands 51% of net sales Partner brands 49% of net sales 12
Slide 13: Anora has many strengths to build on
Anora has many strengths to build on Capital Markets Day 2025 Wide distribution and channel access in Consumer the Nordics Experienced centric product and Baltics and empowered launches and professionals innovation Industry’s Leading portfolio best-in-class of own and manufacturing partner brands fo
Slide 14: Anora is actively responding to local and global trends
Anora is actively responding to local and global trends Capital Markets Day 2025 ACCESSIBLE RESPONSIBLE EXPERIENCE 1 MODERATION 2 3 4 OVER PRODUCT PREMIUM CHOICES Aspiration for healthier Value conscious Consumers choose Need for simulation, lifestyle and changes consumers search for products that m
Slide 15: Responding to trends: Moderation
Anora is actively responding to local and global trends Capital Markets Day 2025 1 MODERATION Aspiration for healthier lifestyle and changes in consumption habits Anora’s focus on liqueurs, Ready-to-Drink and 8 % wines 15
Slide 16: Responding to trends: Accessible premium
Anora is actively responding to local and global trends Capital Markets Day 2025 2 ACCESSIBLE PREMIUM Value conscious consumers search for quality and craftsmanship at reasonable prices Anora’s focus on smaller sizes, special editions 16
Slide 17: Responding to trends: Responsible choices
Anora is actively responding to local and global trends Capital Markets Day 2025 3 RESPONSIBLE CHOICES Consumers choose products that match their values Anora’s sustainability program led by Koskenkorva
Slide 18: Responding to trends: Experience over product
Anora is actively responding to local and global trends Capital Markets Day 2025 EXPERIENCE 4 OVER PRODUCT Need for simulation, meaning and belonging through brands Anora’s focus on digital brand experiences, online communities, events 18
Slide 19: Anora has many strengths to build on
Anora has many strengths to build on Capital Markets Day 2025 Wide distribution and channel access in Consumer the Nordics Experienced centric product and Baltics and empowered launches and professionals innovation Industry’s Leading portfolio best-in-class of own and manufacturing partner brands fo
Slide 20: Anora is #1 in wines and spirits in the Nordics
Anora is #1 in wines and Capital Markets Day 2025 spirits in the Nordics and uniquely positioned to serve consumers and create value Finland Value of the Nordic wine and spirits market Wine Spirits Norway #1 #1 Spirits Wine Spirits 35% #1 #1 Sweden Denmark EUR 13.9 Wine Spirits billion Wine Spirits
Slide 21: Anora has many strengths to build on
Anora has many strengths to build on Capital Markets Day 2025 Wide distribution and channel access in Consumer the Nordics Experienced centric product and Baltics and empowered launches and professionals innovation Industry’s Leading portfolio best-in-class of own and manufacturing partner brands fo
Slide 22: Our values shape our ways of working
Our values shape our ways of working Capital Markets Day 2025 and support a culture of growth Courage Energy Empowering to explore to inspire to win 22
Slide 23: The CEO's key messages today
Capital Markets Day 2025 The CEO's key messages today 1 Adapting to changes by building on our strengths 2 1 ImprovingThe CEO's key messages performance 2 today growth and generating with our new Fit, Fix, Focus strategy 3 3 We have Creating a strong strong shareholder value foundation to build on W
Slide 24: Fit, Fix, Focus – Our strategic framework
Fit, Fix, Focus – Capital Markets Day 2025 Our strategic Structural framework to drive profitability organic growth Immediate Growth cost paths reductions Let’s Drink Better Sustainability Tech Innovation 24
Slide 25: Fit and Fix cost savings our priority in '25/26
Fit and Fix cost savings our priority in '25/26 to fund our growth in '26/27 2025 2026 2027 2028 Beyond Longer-term targets will Fit EUR 20 be communicated Organisation review during the strategy million Sourcing optimisation period Fix Value management EUR 20 Portfolio and inventory reduction milli
Slide 26: Structural profitability / Immediate cost reductions
Capital Markets Day 2025 Structural profitability Immediate Growth cost paths reductions 26
Slide 27: Fit strengthens our commercial operating model
Fit strengthens our commercial operating model Capital Markets Day 2025 and optimises our sourcing – estimated savings impact of EUR 20 million Spirits and Wine will join forces in country-level Segments Go-To-Market teams leading to: • Breaking down organisational silos and inherited complexity Nor
Slide 28: Structural profitability / Immediate cost reductions
Capital Markets Day 2025 Structural profitability Immediate Growth cost paths reductions 28
Slide 29: Fix improves our structural profitability
Fix improves our structural profitability Capital Markets Day 2025 Portfolio and inventory Value management Supply chain and reduction contract manufacturing • Reducing complexity • Mix optimisation • Supply chain footprint optimisation • Inventory management • Improved revenue management • Increase
Slide 30: Structural profitability / Immediate cost reductions
Capital Markets Day 2025 Structural profitability Immediate Growth cost paths reductions 30
Slide 31: Our Focus growth priorities
Our Focus growth priorities Capital Markets Day 2025 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 31
Slide 32: Our Focus growth priorities: Grow in our core
Our Focus growth priorities Capital Markets Day 2025 We have extensive experience in operating with monopolies 1 Grow in our core EUR 140.4 million Anora net sales in 2024 1. Grow wine and spirits in core sales 47% channels in Finland, Sweden, Norway, Denmark and the Baltics EUR 101.1 million Anora
Slide 33: Our Focus growth priorities: Growing categories and channels
Our Focus growth priorities Capital Markets Day 2025 We are gaining share in groceries 2 Increase exposure in growing categories and sales channels 1. Grow RTDs and low/no alcohol 17% categories including glögg 2. Strengthen portfolio and distribution in Finnish grocery of group net sales in 2024 33
Slide 34: Our Focus growth priorities: Continue growing internationally
Our Focus growth priorities Capital Markets Day 2025 International business outside the Nordics 3 Continue growing Spirits exports to over internationally 1. Pursue spirits growth in export markets 30 countries and GTR 2. Export glöggs and scale exclusive retail supplier partnerships in Europe Inter
Slide 35: Our Focus growth priorities
Our Focus growth priorities Capital Markets Day 2025 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 1. Pursue spirits growth in export markets 1. Grow wine and spirits in core sales 1. Grow RTDs and low/no alcohol and GTR channels i
Slide 36: Disciplined M&A in a favourable market
We will support our growth priorities with Capital Markets Day 2025 disciplined M&A in a favourable market The industry landscape presents a unique opportunity for compelling valuations. M&A priorities to support Anora growth priorities: 1 Grow in our core Plug current portfolio gaps selectively Inc
Slide 37: Our updated strategy powered by key enablers
Our updated strategy powered by key Capital Markets Day 2025 enablers SUSTAINABILITY INNOVATION TECH 37
Slide 38: Science-based targets
Creating the best workplace, reducing our Capital Markets Day 2025 environmental impact, and driving responsible choices Safe and inclusive Science-based workplace, targets and fair and transparent value chain set and validated by SBTi Responsible Koskenkorva drinking culture circular economy & supp
Slide 39: Net-zero, Bio boiler, 3.5 million kg
Creating the best workplace, reducing our Capital Markets Day 2025 environmental impact, and driving responsible choices Net-zero 58% increase in safety GHG emissions across the value chain by 2050 observations building our strong safety culture Innovating new Bio boiler investment made – on track N
Slide 40: Driving margin-accretive innovations
Driving margin-accretive innovations Capital Markets Day 2025 Proven success Leader in Nordic spirits Rich history of innovation 9% innovation and other Growing categories and novelties Mindful drinking channels 200 5-year net sales CAGR Driving new occasions: casual home, daytime outdoor, Product n
Slide 41: Technology is a key enabler for executing our strategy
Technology is a key enabler for executing our strategy, Capital Markets Day 2025 especially in data analytics, marketing and innovation MARKETING • Unique market data from our operations • AI-driven marketing and A&P spend for tracking ROI and faster innovation cycles SYSTEMS • Data & analytics for
Slide 42: The CEO's key messages today
Capital Markets Day 2025 The CEO's key messages today 1 Adapting to changes by building on our strengths 2 1 ImprovingThe CEO's key messages performance 2 today growth and generating with our new Fit, Fix, Focus strategy 3 3 We have Creating a strong strong shareholder value foundation to build on W
Slide 43: Summary: Creating shareholder value by executing Fit, Fix, Focus
Summary: Creating shareholder value by executing Capital Markets Day 2025 Fit, Fix, Focus strategy – from operational discipline to sustainable shareholder returns Annual comparable EBITDA growth of 6-7% 1. Fit. Profitability first. Organic growth > market growth 2. Fix. Structural improvement Share
Slide 44: Our business overview
Our business overview Capital Markets Day 2025 Industrial Spirits Wine Net sales external, Comparable EBITDA Net sales, MEUR Comparable EBITDA Net sales, MEUR Comparable EBITDA MEUR margin margin margin 142 6.3% 227 16.7% 323 6.9% Logistics Industrial Partner Partner Anora Own (Vectura) services fil
Slide 45: Implementing operational and cost efficiencies to improve profitability
Implementing operational and cost efficiencies to improve profitability Hannu Vähämurto, SVP, Industrial 45
Slide 46: Our unique supply chain is well positioned to support growth
Our unique supply chain is Capital Markets Day 2025 well positioned to support growth Industrial Koskenkorva O.P. Anderson Grain Spirit Distillery (FI) Net sales external, MEUR Comparable EBITDA-% Aquavit Distillery (SE) 142 6.3% Brunna (SE) Logistics: 48 million litres Rajamäki (FI) Gjelleråsen dis
Slide 47: Efficient supply chain with potential for further efficiencies
We have an efficient supply chain and Capital Markets Day 2025 the right capabilities – and have identified further potential for additional efficiencies Our focus areas Completed Industrial Fit & Fix • Maximise the benefits of • Globus Wine integration centralised sourcing • Specialised production
Slide 48: Fit and Fix: product harmonisation, sourcing, asset utilisation
Capital Markets Day 2025 1 Fit: We will deliver efficiencies with product harmonisation and sourcing optimisation 2 Fix: We will improve our asset utilisation, deliver a leaner supply chain and scale up in contract manufacturing 48
Slide 49: Cost savings through product harmonisation and sourcing optimisation
Unlocking significant cost savings Capital Markets Day 2025 through product harmonisation and sourcing optimisation -10% Raw materials Harmonisation and Sourcing process and sourcing savings digitalisation • Simplify and reduce SKU’s • Streamline workflows -30% • Consolidate suppliers • Improve data
Slide 50: Releasing cash through working capital improvement in the Fix
Releasing cash through working capital Capital Markets Day 2025 improvement in the Fix Working capital development % of net sales Actions for inventory • SKU simplification and tail cut Current situation of approx. 5000 • Improve forecasting SKU’s top -10% of SKU’s is 80% of Gross Profit • Service l
Slide 51: A leaner and more cost-efficient supply chain in the Fix
We will deliver a leaner and more Capital Markets Day 2025 cost-efficient supply chain in the Fix Supply chain footprint Contract manufacturing optimisation volume increase • End to end analysis of the • Increase filling volume network • Further build current and new • Optimise asset utilisation par
Slide 52: Implementing operational and cost efficiencies to improve profitability
Implementing operational and cost Capital Markets Day 2025 efficiencies to improve profitability 1 Fit: We are going to spend smarter 2 Fix: We are going to operate smarter 52
Slide 53: Continuing to build on our strengths as the market leader in the Nordics
Continuing to build on our strengths as the market leader in the Nordics Imre Avalo, SVP, Spirits 53
Slide 54: Anora Spirits – market leader across the Nordics
Anora Spirits – market leader across the Nordics Capital Markets Day 2025 Net sales in 2024, MEUR Spirits market position in 2024 Spirits contribution to Anora 2024 227 33% of net sales 55% of EBITDA 2022–2024 CAGR -1% #1 Vodka Comparable EBITDA-% in 2024 Rest #1 20% 16.7% 29% #1 #2 17% Aquavit #2 #
Slide 55: Grow in our core / Increase exposure / Continue growing internationally
Capital Markets Day 2025 1 Grow in our core 2 Increase exposure in growing categories and sales channels 3 Continue growing internationally 55
Slide 56: Grow in our core: Anticipating trends, delivering on taste
Capital Markets Day 2025 1 Grow in our core 2 Anticipating trends, delivering on taste 3 International organic growth, powered by Koskenkorva 56
Slide 57: Finland is the biggest market for Spirits
Finland is the biggest market for Spirits Capital Markets Day 2025 Opportunities and headwinds in Finland until 2028 (illustrative) 40% of Spirits EBITDA in 2024 51% Anora’s volume market Net sales Expected Expected… Market Portfolio Portfolio RTD 2028 Target 2028 share YTD 2025 Net Sales R12M Marke
Slide 58: Growing our biggest category – vodka
Growing our biggest category – vodka Capital Markets Day 2025 Vodka is a key Our strategic priorities category for Anora 20% Strengthen Optimise Develop 1 Koskenkorva 2 the portfolio 3 the category Strategically invest in Clear brand positioning Drive portfolio growth of Spirits net sales building t
Slide 59: Building on success – winning in liqueurs
Building on success – winning in liqueurs Capital Markets Day 2025 To capitalise on our fastest-growing spirit segment, we are Innovations will drive increasing A&P investments to accelerate innovation and the growth secure above-the-market growth. 16 5-year net sales Strong portfolio to increase co
Slide 60: Unlocking growth by focusing on our core
Capital Markets Day 2025 1 Unlocking growth by focusing on our core 2 Increase exposure in growing categories and sales channels 3 International organic growth, powered by Koskenkorva 60
Slide 61: RTD is the fastest growing category
RTD is the fastest growing category Capital Markets Day 2025 The drivers of Ready- Continue to grow our retail footprint strengthening our to-Drink growth ready to drink alcohol and non-alcohol portfolio Moderation trend Solid RTD alc and Accelerate own Continue success of 1 non-alc portfolio 2 bran
Slide 62: Unlocking growth: Continue growing internationally
Capital Markets Day 2025 1 Unlocking growth by focusing on our core 2 Anticipating trends, delivering on taste 3 Continue growing internationally 62
Slide 63: Koskenkorva sales have doubled internationally
Koskenkorva sales have doubled internationally Capital Markets Day 2025 Koskenkorva net sales Continue growth by 1 2 Exploring inorganic has doubled in 3 years focusing on these 3 drivers growth opportunities Targeted European growth: When the time is right, Anora Focusing our market strategy on wil
Slide 64: Clear plan that will drive our future success
Clear plan that will drive Capital Markets Day 2025 our future success We have a clear growth plan for Finland We will grow in our key categories like vodka, liqueurs and RTDs With clear focus: We know how to win back lost market shares and grow our business internationally 64
Slide 65: We drive organic growth in Wine through our unique footprint
We drive organic growth in Wine through our unique footprint Janne Halttunen, SVP, Wine 65
Slide 66: The leading Wine distributor in the Nordics
The leading Wine distributor in the Nordics Capital Markets Day 2025 Net sales in 2024, MEUR Wine market position in 2024 Wine contribution to Anora in 2024 323 47% 32% 2022–2024 CAGR 2% 60% of net sales of EBITDA Partner Wines’ Comparable EBITDA-% in 2024 share of #2 #1 6.9% Wine net sales #1 Sales
Slide 67: Our growth engine: unrivaled wine value chain in Northern Europe
Capital Markets Day Our growth engine: unrivaled wine value chain 2025 in Northern Europe Relationships with Nordic retailers and extensive knowledge of monopolies Consumers Thorough Selection of Transport knowledge Near-market NPD, branding Driving sales wine partners of finished Category of Nordic
Slide 68: Growing in our core / Increasing exposure in growing categories
Capital Markets Day 2025 1 Growing in our core 2 Increasing exposure in growing categories and sales channels 68
Slide 69: Market share growth based on our unique full-scale wine capability
The current market share growth is based on Capital Markets Day 2025 our unique full-scale wine capability Constant share Market leader overnight Fastest growing wine growth in Denmark in Finnish retail 8% wine company in Sweden YTD 1–9/2025 Market leader in all major Built on our Danish Danish reta
Slide 70: Our new product pipeline ready for all Nordic markets
Our new product pipeline ready for Capital Markets Day 2025 implementation in all Nordic markets Target to gain yearly +1 pp market share overall and obtain market leadership in wine New product launches until 2028 in the Nordics by the end of 2028 78 new 103 new 100 new 100 new launches launches la
Slide 71: Growing in our core / Increasing exposure in growing categories
Capital Markets Day 2025 1 Growing in our core 2 Increasing exposure in growing categories and sales channels 71
Slide 72: Growing our low-alcohol footprint in wine and glögg
We will continue to grow our low-alcohol footprint Capital Markets Day 2025 in still, sparkling and aromatised wine + glögg Increase number of 8% Expand the success Drive category 1 and other low-alcohol 2 of aromatised wines 3 captainship in premium wine launches launched in Denmark and mid-tier gl
Slide 73: Clear plan that will drive our future success
Capital Markets Day 2025 Clear plan that will drive our future success 1. We’ll grow our CORE based on the successes in Denmark, Finland Grocery Retail and most recently in Sweden 2. We’ll achieve additional growth in low alcohol wine, aromatized wine and low alcohol glöggs With clear focus: We’ll l
Slide 74: Capital Markets Day
Capital Markets Day 2025 A) 74
Slide 75: Q&A
Q&A 75
Slide 76: Coffee break
Coffee break 76
Slide 77: The Fit, Fix, Focus strategy will create shareholder value
Capital Markets Day 2025 The Fit, Fix, Focus The CEO's key messages today 1strategy will create shareholder value 2 3 WeStein have a strong Eriksen, CFO We have a clear foundation to direction to build future build on growth 77
Slide 78: Fit, Fix, Focus targets 6–7% annual comparable EBITDA growth until 2028
Our Fit, Fix, Focus strategy targets 6–7% annual Capital Markets Day 2025 comparable EBITDA growth until 2028 6-7% CAGR of comparable EBITDA ~10 ~20 ~20 70-75 85-90 2025 Guidance FIT FIX FOCUS External FY 2028 (e) environment impact 78
Slide 79: Reducing costs and complexity
Reducing costs and complexity – Capital Markets Day 2025 Improving scale, efficiency and execution CURRENT STATE 2026/2027 ERP ERP • An inconsistent system landscape • Implement one ERP platform across the encompassing different ERP platforms Group (Q1 2026) • Lack of common templates and master dat
Slide 80: Reduced OPEX and spend in the Fit phase
Unlocking value through reduced OPEX and Capital Markets Day 2025 spend in the Fit phase – Target to reduce cost by EUR 20m Anora’s yearly OPEX in 2024, EUR million Yearly share of spend Anora Other ~231 Travel Grain ~28 7.3 4.1 Packaging ~11 Cars & transport ~12 IT expenses ~14 Energy Liquids ~24 R
Slide 81: Improved value management – a key Fix lever
Unlocking value through improved Capital Markets Day 2025 value management – a key Fix lever to restore margins Backdrop: reduced gross margin We will strengthen our focus on value management Gross margin development 2021-2024, % • Drive margin-accretive innovations • Optimise ABV* to balance consum
Slide 82: We target an impact of EUR 10 million in the Focus phase
We target an impact of EUR 10 million Capital Markets Day 2025 in the Focus phase with the largest impact coming from the growth in our core business 1 Grow in our core 2 Increase exposure in 3 Continue growing growing categories internationally and sales channels 75% 15% 10% 82
Slide 83: Significant white spots in our core categories
Despite strong market positions we still see Capital Markets Day 2025 significant white spots in our core categories Market value (MSP) FINLAND SWEDEN NORWAY DENMARK BALTICS FINLAND SWEDEN NORWAY 2028 (MEUR)* Monopoly Monopoly Monopoly Open market Open market Grocery Grocery Grocery Vodka 146 84 109
Slide 84: Increased efforts to grow in core strengthen top line
Increased efforts to grow in core have significant Capital Markets Day 2025 potential to strengthen top line Example Italian Red Wine BiB Sweden “Reaching up” in whiskeys in Sweden Share of Anora’s share Anora Italian red Price points market volume of volume 1% wine in BiBs is Other over 40% competi
Slide 85: Pulling all levers of ROIC
Pulling all levers of ROIC – driving Fit, Fix, Focus Capital Markets Day 2025 into tangible value creation Annual comparable CAPEX efficiency Working capital Disciplined M&A EBITDA growth 6–7% excellence CAPEX as % of net sales Disciplined criteria – breakdown of Fit, Fix, Focus Strategic fit ~2.5 F
Slide 86: Cash flow generation is a priority
Cash flow generation is a priority Capital Markets Day 2025 Operational cash flow before change in Net debt and leverage working capital 316 4.0 301 286 3.5 50 253 3.0 44 220 218 208 38 201 201 199 203 2.5 171 177 2.0 26 138 122 1.5 1.0 0.5 2022 2023 2024 RTM 2025 0.0 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q
Slide 87: Our capital allocation policy
Our capital allocation policy drives organic Capital Markets Day 2025 growth while safeguarding attractive dividends and a strong balance sheet Illustrative capital allocation • Focus A&P on core and top-performing brands 1. Organic growth • Support new product launches 2. Dividend • Dividend betwee
Slide 88: Our updated financial targets until the end of 2028
Our updated financial targets Capital Markets Day 2025 until the end of 2028 Financial targets for 2028 Dividend paid/EUR share 6–7% p.a. 0.75 Comparable EBITDA growth (85-90 M€ by the end of 2028) 0.40 0.45 Organic growth > 0.42 Organic revenue growth 0.38 market growth 0.22 0.22 0.22 Net debt / co
Slide 89: Q&A
Q&A 89
Slide 90: Slide 90
Slide 91: Thank you for joining Anora's Capital Markets Day 2025
Thank you for joining Anora’s Capital Markets Day 2025! We welcome your feedback – please fill in the feedback form! https://forms.office.com/e/D7GVL5sziV
Slide 92: Appendix
Appendix
Slide 93: Leading portfolio of own and partner brands balanced across countries
Leading portfolio of own and partner brands Capital Markets Day 2025 balanced across countries Net sales, MEUR Comparable EBITDA, MEUR Personnel* 692.0 68.9 1,211 Industrial Industrial Sweden 20.5 % 21% 24% Wine DFTR & 46.7 % Export Beverage Anora 5% brands Net sales Net sales Partner net sales bran
Slide 94: Our business overview
Our business overview Capital Markets Day 2025 Industrial Spirits Wine Net sales external, Comparable EBITDA Net sales, MEUR Comparable EBITDA Net sales, MEUR Comparable EBITDA MEUR margin margin margin 142 6.3% 227 16.7% 323 6.9% Logistics Industrial Partner Partner Anora Own (Vectura) services fil